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For a Better Look at U.S. Payrolls, Wait for Oct. 20 State Data

A recruiter wears an electronic tag that reads 'Work' during a Job News USA career fair in Jeffersonville, Indiana, U.S.

A recruiter wears an electronic tag that reads 'Work' during a Job News USA career fair in Jeffersonville, Indiana, U.S.

Photographer: Luke Sharrett/Bloomberg

The September U.S. employment report due on Friday is bound to be affected by the impact of Hurricanes Irma and Harvey, which walloped the south starting in late August. But state-by-state data due Oct. 20 will allow economists to strip out that impact for the rest of the country.

"Rationally, investors and the Bureau of Labor Statistics will have a very poor idea of the hurricane impact this coming Friday," Steven Englander, head of research and strategy at Rafiki Capital Management in New York, wrote in a note. "But it probably will not stop markets from reacting to the data when it is released and ignoring the more informative Oct. 20 release."